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GTC Raises $10M from LFB Biotech

Framingham, MA-based GTC Biotherapeutics (NASDAQ:GTCB) said it has raised $10 million through the sale of its shares to French biotech drug maker LFB Biotechnologies, a major shareholder in GTC. GTC chief executive Christian Béchon also revealed in a statement that the company planned to reduce expenses by $5 million to $6 million in 2010, focusing resources on its recombinant human antithrombin (ATryn) and Factor VIIa products. This morning a company spokesman declined to provide details on the actions GTC plans to take to reduce its expenses.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.

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